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Segment Information
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Segment Information

NOTE 17 — SEGMENT INFORMATION

 

The Company’s management views each of its casino resorts as an operating segment. Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate and their management and reporting structure. The Company has aggregated its operating segments into the following reportable segments: Las Vegas Strip Resorts, Regional Operations and MGM China.

 

Las Vegas Strip Resorts.  Las Vegas Strip Resorts consists of the following casino resorts: Bellagio, MGM Grand Las Vegas (including The Signature), Mandalay Bay (including Delano and Four Seasons), The Mirage, Luxor, New York-New York (including The Park), Excalibur, Park MGM (including NoMad Las Vegas) and Circus Circus Las Vegas (until the sale of such property in December 2019).

 

Regional Operations. Regional Operations consists of the following casino resorts: MGM Grand Detroit in Detroit, Michigan; Beau Rivage in Biloxi, Mississippi; Gold Strike Tunica in Tunica, Mississippi; Borgata in Atlantic City, New Jersey; MGM National Harbor in Prince George’s County, Maryland; MGM Springfield in Springfield, Massachusetts; Empire City in Yonkers, New York (upon acquisition in January 2019); and MGM Northfield Park in Northfield Park, Ohio (upon MGM’s acquisition of the operations from MGP in April 2019).

 

MGM China.  MGM China consists of MGM Macau and MGM Cotai.

 

The Company’s operations related to investments in unconsolidated affiliates, MGM Northfield Park (prior to April 1, 2019 as the operations were owned by MGP until that date), and certain other corporate operations and management services have not been identified as separate reportable segments; therefore, these operations are included in “Corporate and other” in the following segment disclosures to reconcile to consolidated results.

Adjusted Property EBITDAR is the Company’s reportable segment GAAP measure, which management utilizes as the primary profit measure for its reportable segments and underlying operating segments. Adjusted Property EBITDAR is a measure defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses, gain on REIT transactions, net, restructuring costs (which represents costs related to severance, accelerated stock compensation expense, and consulting fees directly related to the operating model component of the MGM 2020 Plan), rent expense associated with triple-net operating and ground leases, income from unconsolidated affiliates related to investments in real estate ventures, and property transactions, net, and also excludes corporate expense and stock compensation expense, which are not allocated to each operating segment, and rent expense related to the master lease with MGP that eliminates in consolidation.

The following tables present the Company’s segment information:

 

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

 

 

(In thousands)

 

Net revenue

 

 

 

 

 

 

 

 

 

 

 

 

Las Vegas Strip Resorts

 

 

 

 

 

 

 

 

 

 

 

 

Casino

 

$

728,254

 

 

$

1,296,170

 

 

$

1,407,733

 

Rooms

 

 

662,813

 

 

 

1,863,521

 

 

 

1,776,029

 

Food and beverage

 

 

471,529

 

 

 

1,517,745

 

 

 

1,402,378

 

Entertainment, retail and other

 

 

383,189

 

 

 

1,153,615

 

 

 

1,130,532

 

 

 

 

2,245,785

 

 

 

5,831,051

 

 

 

5,716,672

 

Regional Operations

 

 

 

 

 

 

 

 

 

 

 

 

Casino

 

 

1,569,193

 

 

 

2,537,780

 

 

 

2,026,925

 

Rooms

 

 

130,945

 

 

 

316,753

 

 

 

318,017

 

Food and beverage

 

 

184,153

 

 

 

494,243

 

 

 

428,934

 

Entertainment, retail and other

 

 

82,880

 

 

 

201,008

 

 

 

160,645

 

 

 

 

1,967,171

 

 

 

3,549,784

 

 

 

2,934,521

 

MGM China

 

 

 

 

 

 

 

 

 

 

 

 

Casino

 

 

565,671

 

 

 

2,609,806

 

 

 

2,195,144

 

Rooms

 

 

36,624

 

 

 

142,306

 

 

 

118,527

 

Food and beverage

 

 

40,284

 

 

 

127,152

 

 

 

114,862

 

Entertainment, retail and other

 

 

14,124

 

 

 

26,158

 

 

 

21,424

 

 

 

 

656,703

 

 

 

2,905,422

 

 

 

2,449,957

 

Reportable segment net revenues

 

 

4,869,659

 

 

 

12,286,257

 

 

 

11,101,150

 

Corporate and other

 

 

292,423

 

 

 

613,415

 

 

 

661,946

 

 

 

$

5,162,082

 

 

$

12,899,672

 

 

$

11,763,096

 

Adjusted Property EBITDAR

 

 

 

 

 

 

 

 

 

 

 

 

Las Vegas Strip Resorts

 

$

232,188

 

 

$

1,643,122

 

 

$

1,706,315

 

Regional Operations

 

 

343,990

 

 

 

969,866

 

 

 

781,854

 

MGM China

 

 

(193,832

)

 

 

734,729

 

 

 

574,333

 

Reportable segment Adjusted Property EBITDAR

 

 

382,346

 

 

 

3,347,717

 

 

 

3,062,502

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other operating income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and other, net

 

 

(530,843

)

 

 

(331,621

)

 

 

(224,800

)

Preopening and start-up expenses

 

 

(84

)

 

 

(7,175

)

 

 

(151,392

)

Property transactions, net

 

 

(93,567

)

 

 

(275,802

)

 

 

(9,147

)

Gain on REIT transactions, net

 

 

1,491,945

 

 

 

2,677,996

 

 

 

—

 

Depreciation and amortization

 

 

(1,210,556

)

 

 

(1,304,649

)

 

 

(1,178,044

)

CEO transition expense

 

 

(44,401

)

 

 

—

 

 

 

—

 

October 1 litigation settlement

 

 

(49,000

)

 

 

—

 

 

 

—

 

Restructuring

 

 

(26,025

)

 

 

(92,139

)

 

 

—

 

Triple-net operating lease and ground lease rent expense

 

 

(710,683

)

 

 

(74,656

)

 

 

(29,633

)

Income from unconsolidated affiliates related to real estate ventures

 

 

148,434

 

 

 

544

 

 

 

—

 

Operating income (loss)

 

 

(642,434

)

 

 

3,940,215

 

 

 

1,469,486

 

Non-operating income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net of amounts capitalized

 

 

(676,380

)

 

 

(847,932

)

 

 

(769,513

)

Non-operating items from unconsolidated affiliates

 

 

(103,304

)

 

 

(62,296

)

 

 

(47,827

)

Other, net

 

 

(89,361

)

 

 

(183,262

)

 

 

(18,140

)

 

 

 

(869,045

)

 

 

(1,093,490

)

 

 

(835,480

)

Income (loss) before income taxes

 

 

(1,511,479

)

 

 

2,846,725

 

 

 

634,006

 

Benefit (provision) for income taxes

 

 

191,572

 

 

 

(632,345

)

 

 

(50,112

)

Net income (loss)

 

 

(1,319,907

)

 

 

2,214,380

 

 

 

583,894

 

Less: Net (income) loss attributable to noncontrolling interests

 

 

287,183

 

 

 

(165,234

)

 

 

(117,122

)

Net income (loss) attributable to MGM Resorts International

 

$

(1,032,724

)

 

$

2,049,146

 

 

$

466,772

 

 

 

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

Capital expenditures:

 

(In thousands)

 

Las Vegas Strip Resorts

 

$

87,511

 

 

$

285,863

 

 

$

501,044

 

Regional Operations

 

 

41,456

 

 

 

187,489

 

 

 

72,865

 

MGM China

 

 

108,352

 

 

 

145,634

 

 

 

390,212

 

Reportable segment capital expenditures

 

 

237,319

 

 

 

618,986

 

 

 

964,121

 

Corporate and other

 

 

33,260

 

 

 

120,020

 

 

 

537,347

 

Eliminated in consolidation

 

 

—

 

 

 

—

 

 

 

(14,625

)

 

 

$

270,579

 

 

$

739,006

 

 

$

1,486,843

 

 

Total assets are not allocated to segments for internal reporting presentations or when determining the allocation of resources and, accordingly, are not presented.

 

Long-lived assets, which includes property and equipment, net, operating and finance lease right-of-use assets, net, goodwill, and other intangible assets, net, presented by geographic region in which the Company holds assets are presented below:

 

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

Long-lived assets:

 

(In thousands)

 

United States

 

$

21,035,992

 

 

$

20,582,055

 

 

$

18,228,939

 

China and all other foreign countries

 

 

7,617,819

 

 

 

8,007,449

 

 

 

8,266,804

 

 

 

$

28,653,811

 

 

$

28,589,504

 

 

$

26,495,743